At the time of writing – 3.55pm – the FTSE 100 is down 37 points at 6656, having at one point been down over 50 points. The FTSE 250 has also rallied from being in debit to the tune of 1.25% to being just 0.25 down. The UK PMI Construction figures were discouraging, but as we have already said to the point of boredom and distraction; what can one expect in the unsettled times we live in. Equities quickly shook off those blues with some ease.
Despite oil rallying a tad energy stocks have been dead from the neck upwards. Drugs have been in demand. Defensive stocks such as Unilever, IMPS, BATS and Reckitt have been very strong with some rallying on the back of better than expected numbers from Procter & Gamble.
The companies that posted interim or final results had mixed fortunes – Direct Line is in an unassailable position with the yellow jersey – up 12%! Travis Perkins was initially down 3.5%, but the outlook cheered investors and the stock is only easier by 0.2%. Meggitt was uninspiring – down 2%. AG Barr was 4.5% light! Greggs despite being the greatest manufacturer of sausage rolls in the land, was only up 0.5%. Fresnillo was the best of the miners today – up 2.25% and IHG’S numbers were a bit better than solid – +2.9%.
The DOW is currently down 120 points. The corporate news is sparse, as we wait on Pfizer.